The Superior times. [volume] (Superior, Wis.) 1870-1912, 1887-07-02
PANIC IN NEW YORK.
The Wave of DistrUst strikes ne stock
Enchange-Black Friday .lmost Re-
peAte 4

The Wave of DistrU st strikes ne Stock
Enchange-BlacE Friday .lmost Re-
psatel.
New YORK, June 24.-The St ck Ex-
change was the scene of wild exc tement
shortly before the noon hour toe iy, the
feeling bordering on panl. = was re-
ported that Jay Gould was dead, the
rumOr causing a sharp decline in stocks,
the feeling being especially marked in
Western Union Telegraph, the drop in
this stock being from IS to S. Mr..
Gould was at his office, but refused to see
reporters. The market was excited and
active all the morning, with heavy de-
cllnes. 1t opened with a feeling of
confidence in many of the stocks
which suffered so severely yesterday and
large supporting orders were given all
over the room. Later, however, there
was very heavy selling apparent and
report was started that there had been a
falling out between Jay Gould and Rus
sell Sage and Cyrus w. Field. At the
same time Berdan offered some heavy
blocks of Manhattan stock which were
taken by Wright & Co., and in short
period the sales by Berdan amounted TO
1000 shares aud Wright's purchases To
1000 shares. These sales were made
at about l56, but as soon as Wright &
Co.'S orders were filed the price broke
to l493 and at that point Minzesheimer
< 60. had a stop order and they offered
the stock down l9 per cent. without
making sale. A rally did not occur IN.
til the price reached 120-a fall of 36@
per cent. from the opening figures.
Regarding the statement that there
had been falling out between Jay
Gould, Russell Sage and Cyrus w. Field.
George Gould said: 1T is all a mis- axe;
there has been nothing between my
father, Mr.. Sage and Mr. Field other
than that of friendly nature Ii is a
trumped up lie of some Wall Street Oper-
atOrs TO influence the market That
their relations are friendly l am positive.
The drop Of this morning was undOubt-
ed.y caused by an Over-amount of selling
by the bear crowd and the stringency in
money. Think the market is buy now
on all breaks. At present l think the
long side Is the safe side. But so far as
any falling out between Mr.. Sage, Mr..
Field and my father having caused the
break it Il false"
The excitement reached its greatest
height shortly before noon and verita-
bic panic was developed. No attention
was paid by brokers to fractions in sales
made by them and fluctuations were so
wild that sales were sometimes from TO
10 per cent. apart. The stocks bought
near the opening were thrown over
when the break occurred and this sell
ing completely demoraized spectators.
Marking down Of loans and delivery Of
orders kept the clerks and messengers
fully as busy as the brokers and the
street was a scene of more excitement
than has been witnessed since the May
panic of 1855. The greatest declines are:
Manhattan 40A to lI6; Missouri Pacific
II to 935; Cotton Seed 9t0 39 Richmond
Terminal "A to %; New England TO
454, and Lake Erie & Western to So
The room during the panic was filed
with TumUrs of all kinds and telegrams
from all points followed each other iD
rapid succession, giving selling orders.
and 'nQulrlng about the many reports
which were by this time circulated all
over the country. The Increased short
interest saved the room from a money
panic by its demand for stocks for de-
livery, and :. V White and some other
large operators entered the market and
began buying freely. Thev soon gather
ed large following and the buying
turned the market almost as rapidly as
It had fallen, and stocks took long Jumps
back TO their former prices. Manhattan
recovered 20 per cent. Of it's loss and
other stocks generally recovered about
half the decline recorded. No failures
We're announced as the result of the
break.
2:l5 p Mn most cases the greater
part Of the loss was recovered by I
O'Clock, Missouri Pacific making the
greatest advance, rs measured by fig
ures, although II did not get within 3 per
cent Of its opening price. Manhattan.
on the contrary, was persIsteutly in the
nelgLbOThOOd of its noon figure. With
the increasing strength the activity dis
appeared, and by / P. NJ had become as
dull as at any time in the past few DAYS.
Toward P. NJ. there was a renewal of
the heayIness with more activity, but il
again disappeared, and at this hour the
market Is quiet and firm.
2:3O P. M.-When the delivery hour
passed at the Stock Exchange without
bringing announcements Of any failures.
the street became more confident and
buying orders were more free. SChepp
bld for blocks of 5000 shares at a time
and Vanderbilt brokers made bids for as
large blocks Of their special
ties. The trading Of the dav
was he liveliest that Is remembered,
the whole list having declined and raj
lied from to 20 per cent. The feeling
is now more confident and it is thought
that the losses are widely scattered
through the country and are not con
fined TO the city as in previous panics.
Money Is still scarce, even at the high
rates bid and this IS considered the
worst feature Ofthe market